BERLIN, Nov 2 (Reuters) – Lufthansa (LHAG.DE) on Thursday it reported quarterly profits slightly above analyst consensus on the back of robust travel demand this summer and said bookings were holding steady ahead of the busy Christmas holiday season.
European airlines reported record quarterly profits as consumers continued to travel despite a cost-of-living crisis, but the outlook was clouded by rising oil prices due to the conflict in the Middle East and recession risks, hitting stock prices.
Lufthansa reported third-quarter adjusted earnings before interest and taxes (EBIT) of 1.47 billion euros ($1.56 billion), up 31% year-on-year and slightly above average expectations for 1.43 billion in a consensus of analysts published on the company’s website.
“Although the geopolitical situation remains a challenge, our booking outlook gives us reason to be positive – not only for a very good group result this year, but also beyond,” said Chief Executive Carsten Spohr.
Lufthansa said that yields reached a record in the third quarter, 25% above the same quarter in 2019, and bookings for the fourth quarter increased by double-digit percentages year-on-year.
Demand for short-haul and long-haul flights remained high, particularly among leisure travelers, he said, and the trend toward more bookings in expensive premium class continued.
Thanks to this, the group expects to post a positive operating result for the fourth quarter, helping to achieve its goal of an adjusted group EBIT of more than 2.6 billion euros for the full year 2023.
Next year, Lufthansa expects capacity to increase further to around 95% of pre-pandemic levels, which should help it post an adjusted EBIT margin of at least 8%.
($1 = 0.9438 euros)
Reporting by Maria Sheahan, editing by Kirsti Knolle
Our standards: The Thomson Reuters Trust Principles.
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